December 4, 2017 / 9:20 AM / a year ago

BUZZ-India Reliance seals 2018 naphtha deal with buyers

** India’s Reliance Industries seals 2018 naphtha deal in a rare move, as it usually sells cargoes on spot basis

** Reliance seals deals with the two Western trading houses at premiums in the low- to mid-teen levels to Middle East quotes on a free-on-board (FOB) basis, traders say

** Reliance issued in first-half November a term tender stating that there would be a total of twelve 55,000-tonne cargo for each buyer next year

** Seller however has options of not having to supply one of the 12 cargoes during the term period (Reporting by Seng Li Peng)

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